The company will issue over 8.22 crore equity shares of face value of Rs 10 each for cash at Rs 90 per share for an aggregate amount of up to Rs 740.16 crore to the existing investors.
The issue will close on October 29, as per the offer document filed by the company with markets regulator Sebi.
In a rights issue, shares are issued to existing investors as per their holding at a pre-determined price and ratio.
"We believe that reducing our indebtedness will result in an enhanced equity base, assist us in maintaining a favourable debt-equity ratio in the near future and enable utilisation of our accruals for further investment in business growth and expansion," said the offer document.
"In addition, we believe that the leverage capacity of our company will improve to raise further resources in the future to fund our potential business development opportunities and plans to grow and expand our business in the coming years," the company added.
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Access to Exclusive Premium Stories
Over 30 subscriber-only stories daily, handpicked by our editors


Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share


Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor


Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements


Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app